CDW Corporation reported a net sales figure of $20.99 billion for the fiscal year ending December 31, 2024, reflecting a decrease of 1.8% from the previous year's $21.38 billion. The company's gross profit also saw a decline, falling to $4.60 billion from $4.65 billion in 2023. Despite the drop in sales and profit, the gross profit margin slightly improved to 21.9%, up from 21.8% in the prior year. Net income for the year was $1.08 billion, a decrease of 2.4% compared to $1.10 billion in 2023, resulting in a net income per diluted share of $7.97, down from $8.10.
The decrease in revenue was attributed to a decline in netcomm products, although this was partially offset by an increase in sales of notebooks and mobile devices. The company noted that ongoing economic uncertainty has led customers to adopt a more cautious approach to technology spending. In terms of operational metrics, CDW's average daily sales decreased to $82.7 million from $84.2 million in the previous year, and the cash conversion cycle increased to 18 days from 17 days, primarily due to changes in accounts receivable and inventory management.
Strategically, CDW made significant moves in 2024, including the acquisition of Mission Cloud Services, Inc. for $330 million, which is expected to enhance its capabilities in cloud professional services and consulting. The company also repurchased 2.4 million shares of its common stock for $500 million during the year and announced a $750 million increase to its share repurchase program in February 2025. As of December 31, 2024, CDW employed approximately 15,100 coworkers globally, with a significant portion of its workforce based in the U.S.
Looking ahead, CDW anticipates that demand for IT solutions will continue to grow, driven by advancements in technology such as cloud computing and artificial intelligence. However, the company also acknowledged potential risks, including economic conditions that could impact customer spending and the competitive landscape that may evolve with new technologies. CDW's management remains focused on leveraging its extensive vendor partnerships and customer relationships to navigate these challenges and drive future growth.
About CDW Corp
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